China's 5% GDP goal is ‘attainable' but it won't be easy, says Hong Kong's financial secretary

China has set a GDP growth target of 5% for 2024 at its annual parliamentary meeting. Hong Kong’s financial secretary believes that the target is achievable but will not be easy. He highlighted the potential of China’s export sector, particularly in developing Asia, and emphasized efforts to stimulate domestic consumption as a major driver of growth. China’s trade with major partners declined in 2023, with the Association of Southeast Asian Nations experiencing a 4.9% decrease in trade. Despite external uncertainties, Hong Kong’s economy is expected to grow further in 2024, driven by global demand recovery and domestic consumption.